tv Charlie Rose PBS March 9, 2012 12:00pm-1:00pm EST
>> rose: welcome to the program. tonight christine lagarde managing director of the imf. >> the legal training that i've had and having been exposed to international clients and international systems of flow and conflict of flow i think helps me day to day because my economists, my terribly fantastically talented economists are expert at playing with numbers and modelling and
with the legal mind you approach differently and it helps me better understand them. >> rose: we continue this evening with susan lyne and kevin ryan of gilt. >> i think we created something new that's e-commerce 2.0. that's curated that's excitementinexciting and love it. >> people would say i love gilt. my favorite e-mail said if gilt was a guy i would marry. >> rose: and we talk to reid hoffman. >> the key thing in the modern world which is globalization and technology the pressures go down to the individual. individuals need to be adaptive and invest in themselves and best path is entrepreneurship.
secure rescue packages for nations in default for portugal, ireland and greece and was a key architect of greece's rescue and the country must reduce it's gdp by year 2020. it's great to see you tell me where we are. does it look like the bond-swap deal going through? >> as we speak it looks like it's going through and it looks as if the numbers will be promising. what we designed and negotiated hardly enough a month ago is probably going to come through overnight actually. >> rose: why is this so hard to do? getting people on the same page and understanding the consequences of not doing something. >> well, it started off as you'll remember as a relatively small problem and if you look at the size of greece relatively to
the rest of the euro area it's a small country. only two percent of gdp and yet massive debt of constantly rising deficit over the last couple of years and -- >> rose: because of spending. >> because of a combination of public spending and also very low revenues and great difficulties in collecting properlies the revenue has it go into greece and yet the country has made huge efforts when you look at how much they have reduced their deficit in the last 18 points. five points of gdp is a massive huge effort but it's not working. the debt remains extremely high and the growth is low. so low it's negative. the demand addressed to greece is very low because the environment is not particularly
supportive and as you know growth in europe is rather anemic and if you put it together and a total lack of trust on the parts of the market and you have an extremely costly exercise with the service of debt itself is a constant burden on the country. >> rose: do you believe everybody will muddle through? >> i believe there's a way out if everybody does what everybody has to do and we see the beginning of it. it's a combination of the european partners reducing the interest they charge greece for lending to greece. it's the private sector, that is the banks and pension funds and insurance companies that have bought greek debt accepting a haircut on the debt and the greek authorities making sure the expenses are kept under control. some of them are reduced, no doubt about it and the are
revenues have collected. >> rose: you have forged a relationship that's a kind of communication not based on gen gender but talking but it is said that she lobbied with the president of fans that didn't like you to see you go. he liked you as a finance minister. >> the u.k. and the prime minister -- >> rose: david cameron. >> and chancellor merckel was supporting my candidacy for the position. >> rose: does it make a difference in these kinds of discussions. a kind of trust and credibility the players have. >> it does.
and individuals when they trust each other and know how far to go and the room for maneuvering for each of the players around the table it helps a great deal and i have that huge respect for her and i think it's probably reciprocated a little bit. >> rose: how has it changed the imf. >> it changed the relevance of the fund. the i.m.f. is like an international club with 187 members all coutries of the world that are members of the fund and it's a club that operates in different ways blends when one of the members is in trouble and provides assistance -- >> rose: you're doing different things with the egyptian government in building futures. >> we're do that in libya and in
egypt we beginning additional discussions to see if we can help them with lending and a program in place to turn the situation around and have an economy that works. >> rose: for a while developing nations and emerging nations felt the i.m.f. was biased towards and euro centric. have you over come that? >> i'm no longer french, or european i'm the managing director of the international monetary fund and it makes me accountable to all of them and not loyal to one particular country. it takes a little while but i was thrown into hot water very quickly. >> rose: what will happen to the euro. where do you think it's going. >> i don't think it will split
up. it's the second reserve currency in the world today and much stronger than when it was launched ten years ago and it's a regional economi economic zon reinforcing itself almost by the day. it was very much an unfinished job to begin with. ten years ago when the currency zone was built it was half done and therefore unfinished and it came very much to the surface at the time of the crisis. the lines of defense were not in place. the joined fiscal responsibility was not there. the various rules in place had been violated and the zone was weaken and the banks looked at the zone as one risk area without necessarily distinguishing -- >> rose: they thought if germany lending greece was the same
thing. >> a bit of that. >> rose: the global economy china has lowered it's expectations to 8% a little below now. what's going on? >> the numbers have just been revised to 7.9% if you compare to the rest of the world it's still one of the leading growth rates in the world. if a large regional zone like the euro zone weaken a bit. >> rose: it's demand for export products >> we forecast europe to be in
mild recession minus 5%. the european commission said minus 2%. less growth than last year which means less demand addressed to the traditional sources of products of all sorts of goods that we import. we import from china and different places of world. if china reduces its orders it can lower the manufacturing -- >> rose: what about latin america and brazil and those coutries. brazil is forecast between 3 and 4%. they have the fiscal space to sustain and support and encourage growth and it's probably something that we will be seeing in 2012 and a country with a lot of potential if you
look at the geographical surface of the country. >> rose: when you look at the united states where do you think we are because we have a recovery that seems to be getting -- >> a bit of momentum. >> rose: and traction. >> yeah. >> rose: worried about oil prices, obviously. >> right. we forecast the u.s. growth at 1.8% in 2012 and probably on the upside so that's slightly -- >> rose: think two maybe. >> upward. >> rose: could be two maybe. >> yeah, we'll be releasing new forecast in about a month time but i wouldn't be surprised if it was upward compared with our previous to forecast and recovery is picking up and the country i think has to address many different issues. there's the long-term issues of the deficit and the debt and you have the short-term issue of housing in particular that really needs to be addressed and which is a concern for the current administration. >> rose: everybody believes they
can get housing underway in terms of demand it will change the economic growth. >> absolutely. >> rose: and be a stimulus. >> the monetary policy is supporting. >> rose: the fed is in the right place as far as you're concerned? >> what they've given is security and certainty about interest rates for the next few years which is really ideal when you're in an investing position. >> rose: so what could go wrong in 2012 as the euro crisis? >> i think the real risk of a crisis of an acute crisis as being for the moment removed and i say for the movement because there's still a few things the europeans have to do. they still haven't built the fire wall many asked them to build. i'm not pessimistic. i think that springs is in the air, flowers are blooming.
>> rose: and green? >> no green growth. >> rose: are you encouraged by the fact you have a new director of the a.c.b. and a new prime minister in italy? >> the superduper marios. >> rose: but people are encouraged by that and look at it and say this is 2012 is better because the two of those are in positions they're in. >> that's right. >> rose: why is that? what is it they bring? >> what mario monte has brought is serious and determination and wanting to pull the country out of this sort of gloomy mindset it was in and he has the courage not being a political character or being really elected to be able to prime minister.
he had the courage to take very very harsh measures in terms of opening up competition. removing a lot of constraints on the economy and attacking the labor market to bring more flexibility. he has been able to rejuvenate trust and building a renaissance. i would never give up on italy. >> rose: it is an extraordinary country but when you say fire wall are you primarily talking about italy and spain. >> for them to avoid contagion if things went south, let's say for a second which i don't hope and i'll do everything to avoid that greece the greek deal currently in play doesn't workout. let's assume for a second the debt swap is a failure.
the europeans have to stop the contagion because there's a risk what happens in greece percolates to risky territories because they're bigger in terms of amount and that's italy, for instance. i don't have for a second the sense that italy's going to follow path because of the reforms underway and determination to redress the situation but the growth is low, the debt is still very high. i think it's in the interest of the europeans to have the fire wall in order to stop the contagion and be able to throw a lot of money at the markets. >> rose: what confidence does the market.
if you look at the european crisis have you said it's a greater risk than the collapse of 2008 in terms of the global economy. do you believe that? >> not any more but if you asked me a couple months ago, three months i ago i would probably not have said anything to you, charlie, because i have to be careful because public and your show is highly rate and watched but intimately i would have answered yes. >> rose: but not any more? >> no, because i think measures have been taken nationally by the coutries to adjust and the europeans have really got their act together better. they signed this fiscal compact by which they agree to limit their debt to have in place an alert system within the euro zone to concede a little of their sovereignty to resist
collectively. i think there's momentum building around a much more consolidated euro zone with more in common than there was before. and the a.c.b. we haven't talked about him but mario droggi has done an awful lot by just throwing a lot of liquidity at the bank and saying one percent interest rate, have you it for three years and no shame about it and invest. >> rose: that was an important step forward. >> rose: are you surprised china hasn't done more. >> i think some have bought portuguese and greek bonds and they're strong partners ever i.m.f. i'm certain when the time comes to raise more funds i'm sure
they'll be there. >> rose: what would you change about the international financial system today? do we need more restriction on banks, higher capital requirements, do we need -- what? >> a system of regulation supervision that is constantly ahead of the game. >> rose: exactly. >> because you know, yeah, we can increase the capital and have stronger buffers and counter cycle system of provisioning and lots of devices but it needs to be constantly updated because the banking system because the shadow
banking system and because people who move money around because it's their business and they make money out of it are constantly think go ahead themselves. i think to have a very very alert and very coordinated and cohesive efficient regulation system is critical. >> rose: when you look at what you have to do now what experience do you think serve us best? >> a combination of what i did as a lawyer as a partner and manager. >> rose: why, what is it about that? >> it was -- the legal training that i've had and having been exposed to international clients and international systems of law and conflicts of law i think helps me day to day because my economists, my terribly fantasticcally talented economists are experts at playing with economy concept and
playing with numbers and modelling and doing regression and the rest of it but with a legal mind you approach differently and it helps me better understand them. second i think as the leader when i was chairman of the firm i learned how to make decisions and how to assume responsibility, be accountable as well but eventually cut through the discretion and regressions and discussion and say we have to do something about the issue. >> rose: you like being a problem solver? >> yes, i prosper in times of crisis. >> rose: really? well, you have a lot of attempts to prosper here then. you started to say? >> when i was chairman of beckham-mckenzie the firm was an difficult situation and helped turn it around. >> rose: in chicago at the time.
>> yes, that's right. >> rose: when you look again at the global issue and all the things that face us, what are the biggest challenges for the global economy today beyond the surprises of something happening in the middle east war and oil supply being challenged. what else is it we ought to be focussing our attention on beyond the crisis we know. jobs. job jobs. jobs. jobs. it's not just a problem for emerging markets it's -- how do we sustain a growth that will actually create jobs? it will be inclusive enough they don't break the fabrics of society. we talk about job creating
inclusive growth all those words matter enormously but at the end of the day is jobs. i was in tunisia and various countries of the globes have unemployment rates for people under 35 under 40%. i was listening to a colleague that said some in the arab spring coutries the more educated they are the less likely they are to get a job because the education they had the diplomas they receive and the job demands on the market there's a huge gap. i think that's to me the most critical task in the medium. >> rose: you're one of the leading and political figure in the world today period and also one of the leading women in the word and the conference is about
women and their place and challenges and they're heroes. >> out i'm nothing compared to many of those women, yes, i had to find my way and prove my expertese but i did not have to suffer in the way some of those women did. >> rose: your life was not threatened. >> my life or health was threaten and almost all the time express my views. i could vote, i be independent and many of the heroes we'll be celebrated tonight and in the coming days are heroes in their own rites. whether you're talking about the female lawyers of tunisia that have been so instrumental in pushing the development of their country or heroes i think of others with her have been heroes whether you talk about some of the african woman pushing for
the development of their countries, they're all heros and it's right and the fair we celebrate them. if i and a few others can be a pretext to rally immediate why and attention the better because it's them who should be in the spotlight. >> rose: and tell their stories. >> yeah. >> rose: and like aun suh shi. >> 23 years of her life. all that- >> rose: the director of the i.m.f. christine lagarde. one of the fastest growing economies is e-websites and offer luxury goods and sales and joining me now with the ceo kevin ryan and chairman susan
lyne and pleased to have them at the table and participated in a forum and i'm pleased to have people i know and like here to talk about what is a phenomenon on online sales and what was that eureka moment you knew there was a business here? >> i started the business because i could see the concept working in europe and the first time an internet company started in europe but not in the united states. he decided to bring it here and was thinking about the idea and walking by one day and saw 200 women waiting in line for a sample sale. >> rose: marc jacobs. >> and i thought i could bring the passion these women have on line and maybe there are tens or thousands or millions that would love to be in that line. >> rose: so what do you do next?
>> i decide to do it i don't do sophisticate the research. i hired engineer to start building the sight. >> rose: what about the two young women. >> then i did a search the next day after i hired the engineering team on the business side and three months later after using it i found alexis and her assignment was to find merchandising background and we found alexandra three months after that. >> rose: how do you explain it. >> it's curate and exciting and people love it. that's what's excited. we created something very special and it's appointment special. >> rose: how many are women and men. >> it's now 70% women and 30%
men and though the women's business is bigger. >> rose: it's a different business for men? >> yes and no. we're selling luxury clothing and travel and restaurants and they're purchased by both men and women and women in the economy buy more things than men do. >> rose: how do you lure susan lyne who had a remarkable career and done so many things well including my own business of journalism. >> i heard of her but didn't know her and a board member said you should meet her. i went to meet susan and our first lunch lasted three and a half hours and we connect and i thought he would add tremendous value and complementary skills. >> rose: came in as ceo and you switched jobs. >> it's been a partnership for three years.
we met every day since she's joined. >> rose: you could have done lots of things with a golden resume. why this? >> i could see the world was changing and there's no question the digital platforms were changing consumer behavior in ways that were extraordinary. i have four daughters -- >> rose: and one blind dog. >> and one blind dog. i could see that the world they were entering was very very different and just they are will never have a land line phone. they program all their own television. they don't know what show a network is on they just love their shows. they get their buying recommendations from peers. all those things were making me feel if i did not understand this digital world i'd be left behind but then i met kevin and
i saw the extraordinary engagement stats at gilt and i can't tell you what it's like to see a company where literally you are doubling members every week and doubling revenue every week and they're not just buying, they're in love. i mean, what kevin says is true. there were so many people who would say early on i love gilt. my favorite e-mail was a woman who said if gilt was a guy i would marry it. >> rose: so how has it change? you arrived when? >> september of '08. >> rose: three and a half years ago. how has it changed because obviously when people see something very successful they want to rush in. >> absolutely. and there's been lots of people that moved into the flash world. the smart thing that i think kevin understood even before i got there was that if this
worked for fashion, if it worked for women, that we could move into other categories where there were things people coveted and that's a big part of gilt's brand. >> like travel, shelter, gourmet food and the model works in all the groups. >> rose: are retailers now saying we're going to operate at a different way and see how they're doing it and let's go online and compete with them. >> there are a number of retailers have a flash component. >> rose: nordstrom made an acquisition. >> they bought a small competitor. it goes with the online players that are focussed generally being the winner. we have 900 people only doing
flash sales. most of the large department sales might have 20, 30 peoples. >> rose: so amazon will do better than barnes noble so to speak. >> right. >> rose: that's the idea. >> right. >> and the other piece is that it looks easy from the outside what we do, you get some goods you put up a website, you sell them but at scale it is enormously complex. >> if you have a department store where every 48 hours the entire department store had to change with new items and new descriptions, pricing, everything. >> photographs. >> we have the largest photo studio in new york just to show that. >> rose: you buy them on consignment. >> we buy them and in kentucky we have 800,000 items in a football warehouse. >> rose: what happens to the goods you don't sell. >> it will go on the site for
another time. if we did a sale for brook brothers we may have suits from multipl multiple vendors and we have very little left over at the end. it sells out. our consumers' number one complaint -- >> rose: if you need to move more you low their price. >> we have very sophisticated pricing and we test pricing all the time so that's a very important thing. >> rose: how do you test pricing? we have multiple vendors and haven't segmented our pricing among consumers but have sophisticated personalization. you have a different site. i may be buying more kids clothes or more upscale. >> rose: so what do you know about the people buying?
give me the sense of what you've learned about your customers? >> we have two i'd say two primary buckets of consumers. the young 20 to 30-year-olds in their first and second job. >> rose: married or single. >> mostly single and highly aspirational and don't have children so whatever they make they can spend on themselves and we're their way to access better things at this moment and the other group is probably 35 to 60 and they are people with more money than time and love the fact that we curate sales and it's easy to shop and return and fun. >> rose: what is it pyschologically about us for the
bargain. for some it's the idea i can get this cheaper. >> one of the things when we do focus groups that people have never heard before is when they get something on gilt they say they won and then buy it and feel like i won because i got there before susan did and i got it and i'm a winner and i feel good about myself and i rationalize it. >> rose: where's the growth market for a business like this. >> there's still a huge runway for us but we are known to only relatively small portion of the country right now and the great thing about gilt is the way we've grown primarily is by friends telling friends. that's the best way to grow a business and there's still a lot of people even here who don't know about gilt yet. >> rose: so it's a brand
identity. >> awareness. our brand identity is extremely strong. >> anything -- >> rose: sporting goods. >> could be. >> weddings, bridal. we do the whole thing. we sell honey moons. >> rose: you do? >> yeah. we sell places you can rent to get married. >> wedding in a box. >> rose: what about the fact that you now if you have a consumer market you can serve that knows you you can also manufacture products to sell to them. >> that's something over time
we'll be doing and we're starting to work on that now and i think could be over the long term a big part of our business. >> rose: what do the designer's think of this? >> the reason they work with us is marketing. they can sell the goods they sell to us so someone else but if it's on gilt it looks good and they'll get young customers to buy their dress for the first time and maybe have a life long attachment to the brand so it's like tv for them. >> rose: if you look at the products there's no shortage. >> there are times when there are fewer goods than we'd like to be able to buy but there are 6,000 brands we work with now so there's a lot out there. i think kevin's point is a good one. there are so many ditch reasons a brand would want to do this
and there are some brands perceived to be for example, your mother's brand. not something you would wear. we'll tac take a suit and photoh the jeans and suddenly you have 30 year olds wearing it and that's a big deal. >> rose: how are you doing in the economic environment we're in. >> so far it's great. i think it's a big big opportunity. e-commerce is growing by tens of billions of dollars per year and some goes to amazon and us and spread all over. >> rose: i've started a few internet companies. >> rose: i also read about the layoffs. >> we were in some cities that weren't paying off. >> rose: how do you decide why does one pay off and another not. >> we don't have enough members and we don't feel there's enough
activity in new york we're enormously profitable. >> rose: it's primarily a large-city phenomenon. >> in the way we do it is high-end it doesn't work in small cities. there's not enough people going out every night in large cities people go out to spas and restaurants. >> rose: what's going happen to groupon. >> they've built an extraordinary company in a short amount of time. i respect they have 10,000 employees and it's a four-year-old company and is it going to catch up to them but so far the results look impressive. >> rose: so you think they're in a good place? >> don't see the data yet. time will tell but it's a hard to scale this business. there's a reason. we started the same time as a
bunch of other companies and bigger than our competitors and groupon the next way. >> rose: do you grow by acquisition. >> we could. that's always a possibility. we've seen a lot of organic growth thus far but we would never rule that out. >> rose: what's happening in china. >> there's a company i.p.o..ing on this model >> we're not big in china. it's hard for american companies to do well there but it's a big opportunity for chinese company. >> rose: who has done well as far as american company. >> almost none. >> rose: is it cultural or something else? >> if we were end china we wouldn't have one competitor but
50 and things companies have trouble navigating so it's a hard market for outside companies. >> rose: the i.p.o. is that up your sight? >> certainly not this year but maybe some time in 2013 and it's an option. at some point most companies go public or somebody bia buys the. >> rose: what do you know to be part of successful ventures. >> lucky. i think i have the confidence and good ability to good hire good people. i go into businesses like this i don't really know but i'm able to assemble a good team with great people and move quickly. look, businesses are one idea but if it's a good idea people come in and it's people and capital. if i can put them together and execute quickly we can be
successful. >> rose: and you with a variety of different experiences. what is the common thread in terms you see among very successful executives? >> oh, very successful executives? i can't give you an answer. i can tell you for me it's always been that i wanted to to be wherever that consumer conversation was taking place. what are people going to be talking about around the water cooler in the morning and -- >> rose: i know i ride all the profiles on your part there's a curiosity to understand the nuts and bolts. >> though she knew something about the internet was not an internet expert but now is and
brought to the table and people in the company learned a tremendous amount from susan and it's been helpful >> rose: and the notion of the new york tech scene going through the ups and downs of the tech revolution. where is it now? >> i could not be more excited and bullish about the new york tech scene and five or ten companies will go public in the next couple years and there's an ecosystem that's spreading like crazy. it's unquestionably now the number two tech hub in the united states and will continue to grow. >> rose: what's three? >> boston has not done very well. >> rose: in them of biotech. >> that's a whole different thing. boston is stronger. just internet. l.a. has good companies but it's
new york and san francisco. >> rose: thank you for being here. reid hoffman is here and known as the co-founder of linkedin with 150 million members and was an early backer of successful companies including facebook and has offered lesson from his success called the start-up of you and pleased to have him back with his co-author. he's a san francisco based entrepreneur writer and blogger. what is it you want us to know about starting up? >> in the modern world which is globalization and increasing competition and disruption of technology and it goes to individuals and they need to learn how to invest in themselves and navigate this world and the best is
entrepreneurship and it's every individual acting entrepreneurial. >> rose: how do you act with the skillset and mindset of an entrepreneur. >> you take intelligent risk and presume the world's changing and don't think i'm on one life course like a career escalator. you presume change and we talked about being in a state of permanent beta. you're never finish and always adapting and you use business relationships and reading and knowing human ecosystems which products would appeal to people and which strategic play book works and for example the vast majority of my investments have been referred to me by people in my network and my ability to understand consumers and talking to smart people and getting a piece here and piece here and piece here and a seen assemblin
corpus. >> rose: like connecting the dots. >> yes. >> rose: what did you do and he do? >> we talk about collaboration and networks and it's fitting we had a collaboration to the book. >> rose: did you approach him. >> we approached me and i approached him and wanted to talk about how universal the ideas of entrepreneurial relationships can be and we wanted two people from different generation and slightly different life paths to express the diverse i this way of thinking can be. >> rose: what are the mistakes people take when taking risks. >> you can't avoid risk. every career opportunity has risk so the question is how do
you manage risk. >> rose: there's no guarantee. >> we profile a number of people in the books that have let the a-adaptive careers and >> over the course of her career took many intelligent risks and sought out the opportunities that had risk but tremendous upside. >> one thing we said in the book which is particularly important people is if you don't find risk, risk finds you. >> rose: you also said to me one of the mistakes people make is they always look at the upside not sufficiently enough look the downside. >> i think part of taking intelligent risk is looking at the risk if it's mortal risk you should be careful and back up as much as possible. one of the reasons why we say
have a z plan a reset plan if things aren't working but if it's just a risk that's like a waste of time, it's a detour, you just lose the en investment that's okay and those risks you want to take to get a competitive advantage. >> rose: tell me where social media is it at the beginning or beyond adolescence. >> i think early beginning. people are just beginning to understand how to use these tools in order to have a richer fuller life and i think the platforms have begun to be built for the first generation and it's like think about the first generation of a tv or radio and how it begins to deepen to everybody lives and i think that's where we are. >> the original study of six degrees of separation was started by people mailing postal letters and tracking how long it
took and with everyone connected you can access your connnects. >> rose: where are we in some areas of social immediatization. >> facebook and twitter i think is still working on how to promote its tweets and linkedin is a solid business model it's happening but there's still a lot of room for innovation. >> rose: what's the next big thing? >> well, 'cause i'm putting my money where my mouth is i invested in social commerce and
one for students and teachers. i still think the social revolution is just starting and there's always these different applications that can get big that are still there. >> rose: how do you feel about the issue of privacy today? when people are asked if people are using your data without your knowledge and people say it sounds terrible but if we're not ambushing you and look at the use of internet advertising and now it's like i'd rather see an ad more likely to be something interesting to me, it's no harm to me and if it makes your service better without having to pay for it you have to be careful with it but i do think the line for what is privacy has been moving for a reason.
>> rose: we talked about web 3.0 and data. tell me your idea. >> the key thing is through social networks and mobile and sensors being added to equipment we're now generating a mass amount of data but the term big data is misleading and indexed into human life and you know it's me and attributes about me and i'm here and it creates a stream of information where you can build new apps on top of and traffic navigation. where people know traffic's moving here you can get a more real time navigation and traffic direction but that's one of many spaces you can improve. >> rose: what's the most exciting new idea you've heard in a while? >> the idea i'm interested in is cognitive enhancement. >> rose: so am i. >> they say it's like brazil
like the next big thing but never happens. brazil is happening and so is neuroscience and that's connecting our brain to computers. >> rose: where's the next break on that? >> i don't know but we're starting to see device has it attach to our bodies that transmit data. >> rose: power thought? >> a person sent an e-mail with our thought. it's very advanced but they connected a computer to her brain and sent the e-mail. >> rose: what does artificial intelligence mean today and does it mean something different than 15 years ago. >> any under graduate major was artificial intelligence and i think it's evolved. the 50s and 60s the idea of a.i. was a replica of human beings and poets that are computers and they've realized there's a set of techniques and patterns that
computes are are good at you can build them to greatly enhance human life but they're using information and being a good personal assistant and good man-machine interface but it's not a silicon version of us. > >> reid is extremely entrepreneurial and intellectual to the love of ideas by the book exist and what made me project fulfilling. >> rose: what were with you working on academically when you left before you pursued -- >> a masters degrees in philosophy in oxford. >> rose: did you ever get the degree? >> yeah, it's called a masters of studies. >> rose: what was your disseration or what you had to do? >> what kind of inference can
you learn from experience. people say well imagine i fissioned the two bodies. which one would be me or if i was travelling the speed of light, what would be happening? and the thing i was thinking was there's limited amount of things you can learn because sometimes it's a failure of imagination. >> rose: the start-up of you how to apply entrepreneurial skills to your very life. thank you for joining us. see you next time. captioning sponsored by rose communications captioned by media access group at wgbh access.wgbh.org